David Einhorn is urging shareholders to vote against a company proposal that would eliminate preferred stock at Apple. David Benoit reports on Markets Hub. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... all ... he's taken a couple names in his time ... to ... be one this morning ... maybe the biggest of all day Benoit Deal Journal blogger unknown awful to hear that ... it would destroy ... the discipline of a surprise this morning businesses printing is a hated company were talking the course Britain largest company in the world ... Apple shares fall into that and then aam ... say Einhorn came out this morning with a letter to all Apple shareholders urging them to vote against the company ... in this very specific proxy fight ... essentially ... it involves their cash was a fight about Apple's catch we can ignore the whole proxy ... however this can be done but Einhorn wants ... more catch ... that would come up an awful lot of money and I uh hundred and thirty seven billion dollars of the cartel for Apple's ... Cash hoard the InDesign or discard them knowing ... the Depression era grandmother ... I hear that it is this all the advantages is indeed piling that pop up and up ... and in and they have initiated a dividend in and share buyback recently but pretty nominal considering the castle keep going on here is a little bit from the letter that Einhorn wrote ... says Apple is a phenomenal company filled with talented people the iconic products that consumers around the role of ... however with many other shareholders ... Greenlight assignments for the green light is dissatisfied with Apple's capital allocation strategy ... we didn't look ... I'm sure ... the SEC use Apple know they're sitting on the hunt and thirty seven billion dollars in cash and they're smart they know what they could do what why are they doing anything with all the money right wall on ICE's interest in going on right that a lot of this goes back to Steve Jobs he he he was adamant that they would not pay a dividend and buybacks shares he just I was a waste of that the money and he figured why not keep it on our balance sheet weakened Aegis's both in its share of the can ... but now that includes come any kind of ... open the door a little bit given these people brought ... their Barrow to push harder because ... under three seven billion what we talked about earlier is is ... bigger than ... any all but it's it's twenty or so the SNP five hundred the market cap of twenty or so the SNP five hundred companies I mean ... just the cash on Apple's books along threat has been that ... it's one thing to say we can do better with huimin shareholders but I mean ... hundred recently dollars is an almost unbelievable amount of money and that's what I think I learned in the design or have a big enough stake is the opinion of me and that he can push Apple round of this is the about one point three million shares which is now a big enough stake to actually ... enforce anything but ... I think a lot of people agree with him and that he's willing to come out and say this in in the biggest issue here too is is ... on Warren Center said this morning he's fine with the present building is like fine keep it that makes you happy penny serums comfy well you could you define governed company ... but ... what he wants is the structure he thinks is he's created a win win situation with ... whereby the future cash flow coming in doesn't keep ... going on to the pile that goes out shareholders ... and his proxy vote about the preferred shares this is coming up soon right yet I edited the price is Ardi out there I think the voters is later ... it has more than a month and so ... on he's awful separately sued Apple in federal court in New York ... over the formulation of the proxy which is just kind of day ... one key thing about Howley and a couple weeks this'll probably be ... here ... but I think this fight and offer while the